McConnell Introduces Bill to Keep Bush Tax Cuts

That whole compromise idea sure ended quickly: Senate Republican leader Mitch McConnell proposed a bill Monday that would extend the Bush-era tax cuts indefinitely, daring the Democrats to pick allegiances after President Barack Obama pledged that he will raise taxes for households earning more than $250,000 a year. McConnell’s proposal came one day after House Republican leader John Boehner (R-OH) said he could see himself voting for Obama’s tax cut plan, if there were no other options. Democrats did not seem fazed by McConnell’s proposal, instead noting that his bill did not offer any suggestions on how to raise the $700 billion in lost revenue over 10 years that the tax cuts for the wealthiest Americans would cost the federal government.